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Cyberonics Reports Record Fiscal 2014 Second Quarter Results
Date:11/21/2013

HOUSTON, Nov. 21, 2013 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ: CYBX) today announced results for the quarter ended October 25, 2013. 

Quarterly highlights Operating results for the second quarter of fiscal 2014 compared to the second quarter of fiscal 2013, and other achievements, include:

  • Record worldwide sales of $70.1 million, an increase of 12.0%;
  • Record worldwide unit sales of 3,496, an increase of 8.2%;
  • Record U.S. net product sales of $57.9 million, an increase of 12.4%;
  • Continued strong International unit sales of 978, an increase of 9.8%;
  • Income from operations increased by 8.5% to a record $21.9 million;
  • Income per diluted share increased by 13.6% to $0.50 compared with adjusted non-GAAP income per diluted share of $0.44;¹
  • Share repurchases of $25 million; and
  • Submission of the AspireSR generator for regulatory approval in Europe.
  • 1.

    The financial and operating results for the fiscal quarter ended October 26, 2012 include a $1.3 million gain on warrant liability. The impact of this gain has been excluded for the purposes of non-GAAP comparisons between the fiscal quarter ended October 25, 2013 and the fiscal quarter ended October 26, 2012. As discussed below under "Use of Non-GAAP Financial Measures," in this release, the company refers to and makes comparisons with certain non-GAAP financial measures including adjusted non-GAAP net income, and adjusted non-GAAP income per diluted share.  Investors should consider non-GAAP measures in addition to, and not as a substitute for or superior to, financial performance measures prepared in accordance with GAAP.  Please refer to the attached non-GAAP reconciliation. Numbers may be affected by rounding.Results and objectives"The second quarter of fiscal 2014 was another record quarter for sales, operating
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    SOURCE Cyberonics, Inc.
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